- The shopping centre has only been recently developed
- Coles and its convenience liquor chain, Liquorland, occupy much of the centre
- The Gold Coast is expected to reach a million-plus population during the 2040s
The Ormeau Village shopping centre, which has only been recently developed, is being offered for sale for the first time.
Listed by Savills’ Peter Tyson and Jon Tyson on behalf of Coles Group Property Developments, the 5,003 square metre centre is fully leased and is situated on the northern Gold Coast.
Its location is just off the M1 Pacific Motorway in the Brisbane – Gold Coast growth corridor, midway between Brisbane and Surfers Paradise.
Anchored by a 3,416 sqm Coles supermarket and Liquorland, the centre has 16 speciality shops and parking for 255 vehicles, all on a 23,490 sqm site.
Coles and Liquorland are on a net lease until December 2023, with options until 2072. The centre also has a range of daily needs and essential service tenants, including a medical centre, dental clinic and pharmacy.
The supermarket has traded strongly since its opening, which ahs been bolstered by ongoing catchment growth in the region. Gold Coast’s population is over 630,000, making it the sixth largest city and bigger than Canberra and Hobart combined.
Gold Coast is expected to become Australia’s sixth million-population city by the middle of the century.
This growth is focused on the land corridor covering areas such as Ormeau, Pimpama and Coomera.
“Ormeau Village is a prime near-new convenience-based neighbourhood centre in a major growth corridor,” said Peter Tyson, Savills National Director.
“This asset class has proven to be extremely resilient investment strategy providing stable and defensive income streams, under-pinned by everyday consumer staples.”
Jon Tyson added “The Ormeau trade area population is forecast to increase to over 34,000 by 2036, which augurs well for ongoing strong local demand for neighbourhood retail and services. Ormeau Village is well placed to benefit over throughout the short and longer term with these dynamics.”
The centre presently has a strong weighted average lease expiry of over eight years, with Coles and Liquorland making up close to 70% of the centres gross leasable area.
Expressions of interest close 19 October.
